Current CFO Anders Boyer and new COO Jeremy Schwartz will be jointly responsible for managing the company until the appointment of a new CEO

Pandora has announced Anders Colding Friis is stepping down as president and CEO of the company effective 31 August 2018.

The company saw its shares slump nearly a quarter on Tuesday 7 August when it announced it was reducing its sales and profit growth forecast, and after a follow-up announcement that 397 staff would be axed to “support strategy and protect profitability”.

Friis had been at the helm of the Danish Jewellery brand for three years having joined in March 2015, and Pandora said the search for his replacement is currently underway.

The firm also announced the appointment of Jeremy Schwartz, a former CEO of The Body Shop who has previously held senior positions at several other multinational companies, as COO effective 1 September 2018.

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Current CFO Anders Boyer and Schwartz will be jointly responsible for managing the company until the appointment of a new CEO.Peder Tuborgh, chairman of the board, said: “The board recognises the important role Anders Colding Friis has played in leading the company and in particular in developing and articulating the right new strategy assuring the future success of Pandora. Pending the appointment of a new CEO, I am delighted that we have Anders Boyer and Jeremy Schwartz on board to take the lead.”

Pandora said it plans to “reinforce” the board of directors with further appointees with relevant business experience in major global consumer and/or retail businesses.

Spencer Stuart has been retained to lead the executive search for both a new CEO and candidates for the board of directors.